Published On: Mon, Jun 17th, 2013

Uduaghan advocates effective management of sovereign wealth fund

Governor Emmanuel Uduaghan of Delta State has charged the Federal Government on the proper management of the sovereign wealth fund to ensure effective participation of the various states in the country.

The governor, who said this weekend at the 2nd anniversary public lecture of the 5th Assembly in Asaba, explained that states were not against the establishment of the sovereign wealth fund per se but the way and manner in which it was being managed.

He opined that states should be able to decide the amount to save and what to do with their savings since they are not appendages of the Federal Government.

His words: “We are not against sovereign wealth fund but what we are against is the way and manner the fund is being managed”.

Governor Uduaghan called for the immediate review of the Value Added Tax Law to enable state government collect VAT in their locality and remit an agreed percentage to the Federal Government.

He explained that the idea of VAT being collected and shared to states who abhor some of the VAT-able items like alcohol was unacceptable.

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